“We are in the process of forming the special purpose vehicle (SPV) and the entire 100-plus megawatt solar project shall be implemented by March,“ said Hiten Shah, vice-chairman of Ezon Energy Solutions.

The family office of Nohisa has invested through Asia Power Plant, a Rs 7,000 crore Japanese company. The funding has been structured on equity and project basis, thus avoiding stake dilution in Ezon Energy, Shah said.